IMF urges Britain to take dramatic action to stop the rot

In August 2010, George Osborne was in ebullient mood. "Here in Britain we can start to be cautiously optimistic about the economic situation," he said. "Employment is growing at the fastest pace for over a decade... Manufacturing is picking up and exports are recovering."

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Britain’s economy is poised to grow at the fastest rate of any nation in the western world, as business confidence reaches a 10-year high, according to the findings of an influential survey commissioned by the Institute of Chartered Accountants for England and Wales.